VIPIN SANGHI, J.

The present petition has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 challenging the award passed by the learned arbitrator on 27th January, 2007 in arbitration proceedings between the parties.

Sh. Satish Jassal, the original claimant (since deceased) who is represented by his legal representatives, entered into an agreement with the petitioner and his sister on 20th March, 1996. Under this agreement, the claimant, Mr. Satish Jassal, agreed to renovate the existing first floor and raise further construction on the first floor of property bearing No. 5/12, Shanti Niketan, New Delhi for the petitioner herein. After having renovated the existing construction and raising further construction in terms of the agreement, the said Sh. Satish Jassal was to raise his own construction on the second floor, the rights whereof were acquired by him from the petitioner, Sh. R. K. Bhandari and his sister.

The fact that the parties had entered into such an agreement is not in dispute. It is also not in dispute that the claimant, Sh. Satish Jassal, had to be paid the amounts expended towards renovation of and further construction on the first flo